Ron Paul announcing presidential exploratory committee

Associated PressPossible 2012 presidential candidate, U.S. Rep. Ron Paul, R-Texas, left, talks with local political writer Jack Kenny, right, and supporter Michael Faiella, after the taping of WKXL radio show at the Barley House Friday, March 25, 2011 in Concord, N.H.

Paul finished fifth in the 2008 caucuses and has visited Iowa seven times since. He headlined an event in Sioux Center two weeks ago for a social conservative group, and he spoke at a rally for Christian home-school advocates at the Iowa Capitol in Des Moines last month.

Paul is a favorite among libertarians and enjoys strong backing by many tea party supporters.